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UL padding/margin looking odd in MSIE

I am using image url bullets for my ul/li, and everything is looking fine in FF, but MSIE (6) seems to be off-shifting the text from the image and using an increased amount of space between the LI elements.

I have a global * { margin: 0; padding: 0; } rule, and I've been using the _ hack to target MSIE specific classing.

Is this a bug with IE's rendering of UL/OL elements or am I missing something?